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Bank of America Accused of Discrimination by Women-Run Jeweler Alex and Ani

  • Alex and Ani says loss of credit line cost it $1.1 billion
  • Bank had used images of jeweler in ads to promote diversity
Alex and Ani jewelry
Photographer: Cindy Ord/Getty Images
Updated on

A few short years ago, jewelry maker Alex and Ani LLC was the public example of a happy Bank of America Corp. customer. Now, it’s suing the lender for more than $1 billion in damages and alleging discrimination.

The female-led company says the bank fraudulently declared it in default of a $50 million line of credit last year and is driving the jeweler toward bankruptcy. It’s a stark turnaround from a 2014 commercial that touted Bank of America’s help in making Alex and Ani a “global sensation.”